Nordic-based property and casualty insurance company If P&C and CGI, known in Europe as Certis, today announced that they have signed a strategic agreement whereby If P&C has selected CGI's Web-enabled insurance solution GIOS to become the foundation for its overall product offering.
GIOS is a highly flexible component-based solution, covering all aspects of the administration for all forms of insurance products including life, pensions and investment as well as non-life - personal, commercial and health. GIOS is easily adaptable to any market and is a multi-language, multi-currency solution. It handles multiple distribution channels, business-to-business and business-to-client, as well as maintains products of multiple companies and supports all forms of servicing.
If P&C is breaking ground as one of the first insurers to be fully switching over to such a state-of-the-art web-enabled solution. "We are enthusiastic about the prospect of creating a true Nordic solution to be implemented by CGI through the use of GIOS, the Enterprise Insurance Solution," explained Bo Ingemarson, CEO of If P&C. "We believe that GIOS will enable us to fulfill our vision of one Nordic solution, delivering a common flexible solution across all the countries in the region. GIOS can be easily adapted to multiple local insurance regulations and is reusable. This will greatly streamline our administrative processes."
Gilles Lapierre, CGI's Senior Vice-President and General Manager, Europe added: "This represents our first Nordic-based contract, we are very proud and pleased to be working with such a forward-looking firm. They are capitalizing on a key Web-enabled insurance solution that is very much in keeping with modern technology. CGI continues to increase its presence in the European insurance market, and we believe that GIOS will play an important role in our strategy."
Over the next eight months, GIOS will be tested for design and performance scalability to determine the scope of its implementation. This part of this project, Phase 1, is worth more than CDN$2 million for CGI. Then starting next year and for five years, GIOS will be implemented (Phase 2) as the company's backbone IT infrastructure. Over the past two years, CGI has invested approximately CDN$25 million (over 10 million British pounds) in the development of GIOS, including its Internet capabilities.
About If P&C insurance
If P&C insurance is the result of the coordination of three of largest Nordic-based insurance companies with operations in Sweden, Norway, Denmark and Finland. If P&C will acquire a leading position in the Nordic property and casualty insurance market. The new company will have 5,200 employees serving 3 million customers. Annual premium income (1998) corresponds to 15.9 billion Finnish marks, 23.4 billion Swedish kronor or 21.7 billion Norwegian kroner. Based on pro forma figures for 1998, the company's market share in the Nordic P&C insurance market will be around 20%.
About CGI
CGI is the largest independent information technology consulting firm in Canada and the fifth largest in North America, based on its revenue run rate of CDN$1.6 billion. Its order backlog totals approximately CDN$7.2 billion. CGI has 10,000 professionals and provides end-to-end IT services and business solutions to 2,500 clients in Canada, the United States and more than 23 countries around the world. CGI's shares are listed on the New York Stock Exchange (GIB), as well as on the Toronto exchange (GIB.A). They are included in the Toronto Stock Exchange's TSE 300 Composite and TSE 100 indexes. Web site: www.cgi.ca
All statements contained in this or any other press release of CGI Group Inc., or in any document filed by the Company with the U.S. Securities and Exchange Commission, or in any other written or oral communication by or on behalf of the Company, that do not directly and exclusively relate to historical facts, constitute "forward looking statements" within the meaning of the U.S. Private Securities Litigation Report Act of 1995. These statements represent the Company's expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved.
This press release may contain forward looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the company's business and results of operations. There are a number of factors that could cause actual results to differ materially from those indicated. Such factors include, without limitation, the various factors set forth in the Company's annual report or Form 40F filed with the SEC and its Annual Information Form filed with Canadian securities commissions, which important factors are included here by reference.
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For more information:
In Europe
Gilles Lapierre
Senior Vice-President and General Manager, Europe
(44) 20-7630-0271
gilles.lapierre@certis.co.uk
Other markets
Ronald White
Director, Investor and Media Relations
(514) 841-3230
ronald.white@cgi.ca
